Introducing Baron Discovery Fund

BARON DISCOVERY FUND

Baron Discovery Fund, launched on September 30, 2013, invests in high growth companies at early stages of their life cycle. The Fund targets small sized companies with market capitalizations of less than $1.5 billion at the time of purchase. We anticipate that the weighted average market cap of the portfolio will be at or under that of the Russell 2000 Growth Index, its primary benchmark. We expect the portfolio to have 45-55 names, with the top 10 holdings comprising about a third of the portfolio.

Consistent with the Baron approach to investing, the Fund looks to invest in businesses that have significant opportunities for growth, sustainable competitive advantages, strong visionary management, and attractive valuations.

Baron Discovery Fund is managed by Laird Bieger and Randy Gwirtzman, two long-time Baron research analysts, who make all the investment decisions for the portfolio. Cliff Greenberg is the portfolio manager adviser on the Fund and mentors, guides, and provides oversight to the portfolio managers on portfolio construction and investments.

BARON'S SMALL CAP FUNDS

Baron Discovery Fund joins Baron Growth Fund and Baron Small Cap Fund as our small cap offerings. The two more seasoned Funds, managed by Ron Baron and Cliff Greenberg, respectively, invest in companies with market caps up to $2.5 billion at time of purchase. We anticipate that Baron Discovery Fund will have a lower average weighted market cap, higher turnover, and higher volatility than our other two small cap funds. The stocks in the Baron Discovery Fund portfolio will tend to be higher growth, and have higher multiples, than those in Baron Growth Fund and Baron Small Cap Fund.

Specific risks associated with investing in smaller companies include that the securities may be thinly traded and more difficult to sell during market downturns. Even though the Fund is diversified, it may establish significant positions where the Adviser has the greatest conviction. This could increase volatility of the Fund's returns.

You should consider the investment objectives, risks, charges, and expenses of any of the Baron Funds carefully before investing. The prospectus contains this and other information about Baron Funds. You may obtain one from its distributor, Baron Capital, Inc., by calling 1-800-99BARON or click here. Please read it carefully before investing.